More older people in England, Scotland and Wales will receive targeted support and advice on how to cope with the cost-of-living crisis, thanks to a £1.5 million donation by Pension Insurance Corporation plc (‘PIC’) to older people’s charity Independent Age.
Despite the UK government’s top up of £66 per month to help with heating and energy bills this winter, many older people who have limited mobility need the heating on for much of the day. This can mean bills of well over £200 per month in extremely cold weather, before the top-up. If you are trying to exist on the State pension of around £186 per week, and have rent/council tax/broadband etc. to pay, then the sums don’t really add up.
The donation from PIC, a specialist insurer of defined benefit pension schemes, will help expand Independent Age’s helpline. In recent weeks the helpline has experienced an increase in the number of callers from people facing tough decisions on how to manage their household budgets, struggling to heat their homes or afford groceries. £500,000 of the donation will allow Independent Age to create new roles for specialist staff to answer queries and provide advice to older callers in need of financial assistance.
The donation also match funds Independent Age’s existing £1 million emergency cost of living grants fund, which was launched in September. With the donation from PIC, Independent Age will be building the capacity of 50 organisations across the UK to get more money into the pockets of older people to ensure they are not forced to choose between heating their home or eating a meal.
Baroness Julia Neuberger DBE, Chair of the Board of Trustees at Independent Age, said:
“At a time when those already impacted by the cost of living crisis face further rises in energy and food prices, these very welcome funds will allow us to help even more people in desperate need of support.
“Inflation and the cost-of-living crisis are clearly already having an effect as we are receiving increasingly distressing calls to our helpline from older people who don’t know how they will cope during the winter. A donation of this size will help us support so many more people.”
Tracy Blackwell, Chief Executive Officer at PIC, said:
“Independent Age’s research indicates that even before the cost of living crisis, life was already difficult for many older people struggling to make ends meet. 2.1 million older people in the UK were living in poverty at the beginning of 2022. Since 2012, pensioner poverty has increased by 5%, with older people making up a fifth of the poorest people in the population.
“Targeting effective help to where it is needed most will enable Independent Age to assist more lonely and worried pensioners seeking much needed guidance and support.”
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